FBN Holdings Plc has promised better returns for shareholders and promotion of Nigeria’s economic growth.
Speaking during the eighth Annual General Meeting in Lagos, Chairman of Board of Directors of FBN Holdings Plc, Oba Otudeko, shareholder value will be given a priority in its operations, noting that as a Group, the company is also committed to Nigeria’s economic development.
According to him, in 2019, FBN Holdings deepened its efforts to grow revenue and achieved 42 per cent increase in revenue. The feat, he said, highlighted the Group’s enhanced ability to address customers’ needs through our thriving subsidiaries. “It is important to highlight that the Board of Directors and Management of FBN Holdings will ensure that all our operating entities have sufficient resources (financial and non-financial) to grow their businesses, deepen market penetration and enhance overall shareholder value,” he said.
The Chairman noted that the year 2020 marks the beginning of another three-year strategic planning cycle for the Group and we have extensively engaged internally and mapped our course of action over the next three years. “In line with current and future trends, we have realigned our vision and strategic priorities across our operating entities. Furthermore, we have identified synergistic opportunities and key services that can be leveraged to further drive efficiency and overall productivity across the Group,” Otudeko said.
Group Managing Director/CEO, FBN Holdings Plc, UK Eke said central to its strategy is the three-pronged focus of the Group aimed at restoring shareholders value over the last three years, which enhanced the revenue profile of the Group in the context of diversification across multiple streams, markets and sectors.
“These primary focus areas are in addition to the long-term strategy of the Group, which is ultimately geared towards ensuring that FBN Holdings becomes one of the foremost financial services institutions in Sub-Saharan Africa. I am pleased to report that we have made material progress on all three fronts (albeit at different levels of success). The 2019 financial results reinforce our optimism in enhancing value for shareholders,” he said.
Speaking further on the performance, the GMD said “the Group’s profit before tax of N83.6 billion, a 30.9 per cent growth over prior year at N63.9 billion, other key metrics such as return on equity, loans and advances, deposits, shareholders’ equity improved during the year at varying rates. Return on equity improved by 270 basis points closing the year at 12.4 per cent from 9.7 per cent. Total assets grew by 11.4 per cent from N5.6 trillion to N6.2 trillion over the last one year. Total deposit and shareholders’ equity grew 15.3 per cent and 25 per cent, closing the year at N4.0 trillion and N661.1 billion respectively,”
Chief Sunny Nwosu, President Emeritus of the Independent Shareholders Association of Nigeria, praised the Board and Management of the Group for the dividends proposed saying, “I want to put on record, our appreciation for the dividend being proposed. We look forward greater dividend in the future because we believe we have in place a management with good thinking. So, we are expectant of good products.”
Speaking in the same vein, another shareholder, Adebayo Adeleke described the financial result of the Group as another outstanding performance and one that has helped shareholders enjoyed better dividend of 38kobo this year.
